Hey Alaska, also the name of a pathetic excuse for a band is the term used when describing a situation as shit or just plainly disappointing. It can also be used to describe bad decisions or to describe certain events.

During a night out:

Guy 1: 'I would be having such a better night if Ruth wasnt out with us..'
Guy 2: 'Yeah, i know what you mean mate, she's extremely annoying and its making my night so Hey Alaska!'